How To Win A Real Estate Bidding War | Success Stories [Video]

How to win a real estate bidding war - the madrona group success stories

HOW TO BUY A HOME IN A HOT MARKET VIDEO

WINNING A BIDDING WAR IS NOT JUST ABOUT MONEY

Watch as Joe Kiser interviews Jason Fox about a recent purchase in which we were able to win a bidding war without offering the most amount of money.

Real Estate always has been and always will be a relationship business.  That is not exclusive to agent and client, it is also important to have strong relations with other realtors.

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HOW TO WIN A REAL ESTATE BIDDING WAR VIDEO TRANSCRIPT

Today I am going to interview Jason on the time that he was able to secure a high demand listing in a competitive market.

Jason, tell me about the time that you had the buyers from out of state where the wife had to be in a certain neighborhood and the husband wanted a fixer-upper, what did you do?

I went out with the husband looking at places on the outskirt of town trying to save some money and the wife wanted to be in Harbor Pointe.  If you know Harbor Poinet it is a very high demand neighborhood in Mukilteo, WA.  I went out with the husband looking at places to save some money and when we went to show the wife she, No!  It was goint to be Harbour Pointe. 

OK, was there alot of inventory in Harbor Pointe, since you had a neighborhood pinned down?

No there wasn’t really anything available and if you know that market at all then you know that things don’t come available too often. They were looking for a condo and there literally was like none at the time.

No, so what did you do, how did you find them a place?

Once they decided they were definitely going to Harbor Pointe one eventually came available and they called me up and they said, “we want that condo”.

Where they in state at the time?

No, they were out of state so what I did was went to the listing with my  camera and a Gimbal and I took a video of the listing and I sent it to them. That along with assuring them that it was a fantastic condo with a good HOA, it was in a great part of Harbor Point and it looked real solid.

Awesome and did they love it, did you write it up and they bought the home right there, what happened?

Yeah, it was super easy.  Like I said, it was the only condo available in Harbor Pointe and I when I called the agent to tell them that I was thinking about writing an offer she told me that she already had an offer in hand and she had a pre-inspection scheduled for the next day. That I could schedule my pre-inspection for, this was Thursday but there is going to be an offer review date on Tuesday, and I could schedule my pre-inspection for Saturday.

You waited till Saturday and did your pre-inspection?

I did not, and I actually got in earlier than the the one that was scheduled.

Especially with them being out of state, where they giving you any friction on how fast you had to move or where they ready to go?

They were not really prepared to go so fast and in addition because we’re going to be in a competitive market, the idea of me telling them that you might have to pay a little bit more to get it, especially for the frugal husband wasn’t really hitting home.

If I remember right you even got them to accept that offer before the review date didn’t you?

Yeah, what we did was we went hard. We said, hey I don’t even want you to have this open house I want to get this thing done now. There was no doubt in my mind that it was going to get a lot offers. We presented that Friday evening after our pre-inspection and we were able to take the listing off the market.

You’re telling me you have these clients out of state and there’s only one one available Condo and there’s already pre-inspections they have a review date, an offer in hand and lots of traffic and you got them to look at your offer early?

I did yeah. You know, Joe, that we take a lot of pride in building relationships.  In the two days that I was in contact with that agent I probably spoke to her eight to ten times. It was about really trying to let her know that we love this condo, the buyers were solid, the financing was solid and showing our past record making sure our deals close every time.

You closed every objection before they even had it,  you just made sure it was a nice secure package and the end result was what?

The appraisal actually came in higher than our offer by $5,000 and they ended up with instant equity.   Joe I am telling you there is no doubt in my mind that that condo would have bid up at least another $25,000 over what we paid.

Wow, so the buyers buy from out of state they trust you to handle all their Affairs they come and did they like it, did they hate it?

They love it.  They still tell me how they love the neighborhood and it is quiet.  They put in all new carpet and paint, they really did it up, it is fantastic and they got some Equity.

That’s a great story thanks for sharing that experience with us.

Thanks for watching today please check us out at www.TheMadronagroup.com or call Joe at 206-351-0543.

About the Author

Jason Fox

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Jason Fox is a father, a real estate broker, a marketing specialist, and a friend.Being born and raised in the Pacific Northwest he has a unique and interesting perspective on local real estate that he can't wait to share with you.Jason lives in the Meadowdale neighborhood and hopes to see you out walking, at the park, at the movies, on a trail, on Stevens Pass, on the beach, at a lake, at a Seahawks or Mariners game, or just commenting on the blog.

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